Global Digital Utility Market to generate $594.2 Million, by 2032 with 10.8% CAGR: Says Allied Market Research
A rise in investment among the renewable energy sector and a surge in emphasis on energy utility operations efficiency drive the growth of the global digital utility market.
Wilmington, Delaware, Oct. 31, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report titled, “Digital Utility Market by Technology (Hardware and Integrated Solutions) by Network (Power Generation, Transmission and Distribution, and Retail): Global Opportunity Analysis and Industry Forecast, 2022-2032.”
The report states that the global market for digital utility is anticipated to value at $594.2 million by 2032, having witnessed a share of $214.2 million in 2022, with a notable CAGR of 10.8 during the forecast period of 2023 to 2032.
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Factors influencing the growth of the global utility market
A rise in investment among the renewable energy sector and a surge in emphasis on energy utility operations efficiency drive the growth of the global digital utility market. However, the high operation cost restrains market growth. Nevertheless, a surge in digital buildings and digital power plants will provide numerous growth opportunities to the market in the future.
Report Coverage & Details:
|Market Size in 2022||$214.2 Million|
|Market Size in 2032||$594.2 Million|
|No. of Pages in Report||450|
|Segments covered||Technology, Network, and Region|
|Drivers||Rise in focus on energy utility operations efficiency|
|Increase in investments in renewable energy|
|Opportunities||Increase in digital power plants and digital buildings|
|Restraints||High operating cost|
Russia-Ukraine conflict impact analysis:
- Utility infrastructures like communication networks, water management systems, and power grids were disturbed due to infrastructure disruptions. This resulted to the impedance in the incorporation of advanced technologies and disturbance in the operation of digital utility systems.
- The conflict resulted in security concerns, especially in the cybersecurity sector. Utility companies encountered heightened threats of cyberattacks and data breaches, which made it imperative to implement robust security measures to protect critical infrastructure and customer data. Additionally, the conflict resulted in setbacks for utility modernization efforts. Investments and projects related to energy management systems, smart grids, and data analytics were postponed or delayed due to the uncertainty brought about by the geopolitical situation.
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The hardware segment to witness the fastest growth by 2032
By technology, the hardware segment contributed to the largest share of three-fifths of the global digital utility market in 2022 and is estimated to grab the lion’s share from 2023 to 2032. Also, the same segment is estimated to cite the fastest growth with 10.69% CAGR throughout the forecast timeframe. The segment is driven by robust investments in EV charging and smart metering. Additionally, the hardware is utilized in advanced devices. The preference towards the latest technology meters has increased due to a decrease in demand for traditional metering systems.
The transmission and distribution segment to continue its supremacy by 2032
In terms of network, the transmission and distribution segment garnered the major share of nearly three-fifths of the total market revenue in 2022 and is estimated to retain its dominance from 2023 to 2032. Also, the same segment is anticipated to display the fastest growth with 10.9% CAGR throughout the forecast timeframe. The latest digital communications and control systems and devices facilitate the management and monitoring of electric distribution and transmission networks and accelerate the effectiveness of assets. The utility sector makes substantial usage of distribution and transmission solutions owing to the surging importance of administrating and monitoring electric distribution and monitoring systems.
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Asia-Pacific to experience substantial growth by 2032
The regional analysis indicates that the market across the Asia-Pacific accounted for the largest share of more than one-third of the total market revenue in 2022 and is estimated to retain its dominance with 11.5% CAGR from 2023 to 2032. The region is experiencing growth due to shifting regional regulatory norms and rising domestic electricity demand for digital utility solutions. Surging energy demand and infrastructure development activities also facilitate the growth of the regional market across Asia-Pacific.
Top market players profiled in the report:
- SCHNEIDER ELECTRIC SE.
- MICROSOFT CORPORATION
- ACCENTURE PLC
- CISCO SYSTEMS INC.
- ORACLE CORPORATION.
- SAP SE
- GENERAL ELECTRIC COMPANY
- ABB LTD.
The report offers an in-depth analysis of the prominent players in the global digital utility market. These market leaders have implemented a variety of strategies, including engaging in collaborations, introducing new products, expanding their operations, entering into agreements, forming joint ventures, and more, to enhance their market presence and uphold their dominant positions across various regions. The report is a valuable resource for showcasing the competitive landscape by highlighting operational divisions, business performance, strategic moves, and product portfolios of these market players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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